Nuveen Churchill Direct Lending Prices Major Debt Refinancing

An announcement from Nuveen Churchill Direct Lending Corp. ( (NCDL) ) is now available.

On January 29, 2026, Nuveen Churchill Direct Lending Corp. priced a refinancing of its term debt securitization through its wholly owned subsidiary Churchill NCDLC CLO-II, LLC, with closing expected on or around February 20, 2026. The refinanced 2026 Debt package is expected to total roughly $299.7 million, comprising $125.5 million of AAA Class A-R Notes and $50 million of AAA Class A-L-R Loans, both priced at three-month Term SOFR plus 1.38%, $37.5 million of AA Class B-R Notes at three-month Term SOFR plus 1.70%, and $86.7 million of non-interest-bearing Subordinated Notes, all backed by a diversified pool of senior secured and second lien loans. The company will retain all subordinated notes, continue as collateral manager without charging a management fee, and maintain the ability to reinvest principal collections in new collateral through January 20, 2031, preserving leverage and supporting ongoing portfolio growth, with the 2026 Debt expected to mature on January 20, 2039, subject to customary closing conditions and ratings requirements.

The most recent analyst rating on (NCDL) stock is a Buy with a $16.00 price target. To see the full list of analyst forecasts on Nuveen Churchill Direct Lending Corp. stock, see the NCDL Stock Forecast page.

Spark’s Take on NCDL Stock

According to Spark, TipRanks’ AI Analyst, NCDL is a Neutral.

The score is driven primarily by strong profitability and improved recent cash generation, tempered by leverage and slowing revenue. Valuation is supportive (low P/E and high dividend yield), but technicals are weak with the stock trading below major moving averages. The latest earnings call was mixed, with lower NII and slower originations offset by solid diversification and low nonaccrual levels.

To see Spark’s full report on NCDL stock, click here.

More about Nuveen Churchill Direct Lending Corp.

Nuveen Churchill Direct Lending Corp. is a business development company focused on providing secured financing, primarily through senior secured and second lien loans, often structured via collateralized loan obligations, to middle-market borrowers. Its activities center on originating and managing diversified loan portfolios through subsidiaries such as Churchill NCDLC CLO-II, LLC, with Nuveen Churchill acting as collateral manager and retaining subordinated tranches to align interests with investors.

Average Trading Volume: 285,008

Technical Sentiment Signal: Sell

Current Market Cap: $666.7M

See more data about NCDL stock on TipRanks’ Stock Analysis page.